6416.0 - House Price Indexes: Eight Capital Cities, Dec 2012 Quality Declaration 
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 05/02/2013   
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ANALYSIS


PRELIMINARY:

December Quarter 2012 (+1.6%)

The preliminary price index for established houses for the weighted average of the eight capital cities rose 1.6% in the December quarter 2012. The index rose 2.1% through the year to the December quarter 2012.

The positive movement in the December quarter 2012 was the result of rises in Sydney (+2.3%), Perth (+2.9%), Melbourne (+0.7%), Brisbane (+0.7%), Adelaide (+0.8%), Canberra (+2.1%) and Darwin (+2.6%). This was partially offset by a fall in Hobart (-1.4%).

The preliminary estimate for Sydney (+2.3%) follows a fall in the September quarter 2012 (-0.5%). Clusters with median prices below $750,000 contributed most to the rise in the December quarter 2012. The index rose 4.2% through the year to the December quarter 2012, the second consecutive through the year rise after falls in the previous five quarters.

The preliminary estimate for Perth (+2.9%) follows rises in the previous four quarters (+0.5%, +0.9%, +0.6% and +1.1% in the December quarter 2011 and the March to September quarters 2012 respectively). The rise in the December quarter 2012 was consistent across a range of clusters. The index rose 5.6% through the year to the December quarter 2012, following rises in the preceding two quarters (+1.3% and +3.1% in the June and September quarters 2012 respectively).

The preliminary estimate for Adelaide (+0.8%) follows a fall in the September quarter 2012 (-0.8%). Clusters with median prices between $350,000 and $450,000 contributed to the rise in the December quarter 2012. The index fell 0.4% through the year to the December quarter 2012, the seventh consecutive through the year fall.


REVISED:

September Quarter 2012 (-0.1%)

The preliminary price index for established houses for the weighted average of the eight capital cities fell 0.1% in the September quarter 2012. This was revised from a preliminary estimated rise of 0.3%. The through the year movement has been revised from an estimated rise of 0.3% to an estimated fall of 0.1%.

The negative movement in the September quarter 2012 was the result of falls in Sydney (-0.5%, revised from +0.3%), Adelaide (-0.8%, revised from -0.6%), Melbourne (-0.1%, revised from +0.2%), Canberra (-0.6%, revised from -1.1%) and Hobart (-0.7%, revised from +0.2%). This was partially offset by rises in Perth (+1.1%, revised from +1.8%), Brisbane (+0.4%, unchanged) and Darwin (+0.3%, revised from -0.5%).

The preliminary estimate for Sydney (-0.5%) follows a rise in the June quarter 2012 (+1.5%, unchanged). The fall in Sydney was due to falls in clusters with median prices below $600,000. Sydney rose 0.5% through the year to the September quarter 2012.


FINAL:

June Quarter 2012 (+0.6%)

The final price index for established houses for the weighted average of the eight capital cities rose 0.6% in the June quarter 2012. There was no revision from the second preliminary estimate published last quarter. The movement through the year to the June quarter 2012 was revised from a fall of 1.9% to a fall of 1.8%.

The June quarter 2012 result was due to rises in Sydney (+1.5%, unchanged), Melbourne (+0.3%, revised from -0.2%), Perth (+0.6%, revised from +1.2%), Adelaide (+0.5%, revised from +0.4%) and Darwin (+2.5%, unchanged). These rises were partially offset by falls in Canberra (-1.9%, revised from -1.2%), Brisbane (-0.3%, revised from -0.2%) and Hobart (-1.3%, revised from -1.0%).